Upland Resources Ltd announced on Thursday that progress has been in the exploration of Sarawak Block SK334.

The Jersey-based oil and gas company revealed that a team and drill crew has been identified for its Malaysian hydrocarbons project, with contracts currently under review.

Furthermore, a pre-drill work programme has been developed in order to allow for early commencement of activities and expedite the drilling programme.

The company will also on March 31 surrender its offshore UK Licence P2478 to the UK North Sea Transition Authority. Upland said this was not unexpected and that P2478 was designated as a non-core asset by the company.

Chief Executive Officer and Chair Bolhassan Di said: ‘Full focus is now on our intended high impact drill campaign onshore Sarawak. We look forward to updating the market on the lead prospects for Block SK334 as well as licencing and contracting arrangements in the coming weeks as we scale up development.’

Upland Resources shares were up 21% to 3.30 pence in London on Thursday afternoon.

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